Marketers get cheaper insurance protection against giving bad advice
AMI CEO Mark Crowe
The Australian Marketing Institute has launched a scheme that will give marketers cheaper insurance to protect themselves against legal action from disgruntled clients.
Paying members of the AMI which generate fees of up to $250,000 can now get professional indemnity cover from next month.
The main cover gives a professional indemnity limit of $10m for certified practising marketers, and a $5m limit for all other AMI members.
The insurance covers advice given for marketing, strategic marketing and planning, market research, advertising, brand and product management and PR.
“Until recently, marketing has not seen the same demand for professional indemnity cover as, say, medicine, law or accounting – and many marketing consultancies could not afford insurance as a result,” said Mark Crowe, AMI’s CEO.
“We are now in an increasingly litigious environment, and this will help promote marketing as a profession,” he added. “The industry can now stand taller knowing that the advice we give is underpinned by PI cover.”
Of the 7,400 members of the Australian Marketing Institute, around 70% are employees in the corporate sector and 30% offer consultancy services.
“The latter is the growth area in our industry,” Crowe noted.
